Frequently Asked Questions

If you are purchasing a home for the first time or if you have purchased multiple properties, it still doesn't hurt to ask questions, especially if the information is free! Below are some of the most common questions asked by future homeowners, and if you need help or would like to speak with someone, you can call us at 800 248 1176. It would be our pleasure walking you through the process.

How much does it cost to purchase a home?

Besides the price you and the seller agree to, there are other costs associated with owning a home. Depending on the loan product, you may have to come up with a down payment of 5%, 10% or even 20% of the purchase price. FHA loans normally require a smaller deposit & VA loan products (for veterans) usually have 0% down payment. A home inspection fee, appraisal fee, closing costs, property taxes, homeowner's insurance, prepaid-interest, etc., are all costs common with purchasing a home.

How much can I borrow?

The easiest way to answer this question is to get pre-approved. Mortgage loans are unique and have different qualifications. OpenGate Lending can help you find what loan programs you qualify for and more importantly, which programs work best for you! Our job is to get you the lowest down payment, the best rates, the lowest monthly payments, all while meeting your short or long term home ownership goals. Getting pre-approved is 100% Free.

What's Pre-qualification?

Pre-qualification is a mortgage term which simply means performing a "basic review of your financial situation" in order to give you a better idea of how much you could be eligible to borrow. You'll be asked questions like you how much money you make, the amount of money you have saved, what your credit score is, just to name a few. In other words, it's a very simple financial review to see what "ballpark-wise" you can be approved for when it comes to a mortgage. Again all of this is 100% free and it can be done quickly, right over the phone. It's highly recommended if you are considering purchasing a home.

What's Pre-Approval?

Pre-approval is different from pre-qualification because a pre-approval is a more lengthy process and takes a more in-depth look at your financial situation. For example, in a pre-approval we look at your debt to income ratio (how much you make monthly compared to how much you owe/spend), verify paystubs/income, review financial documents (bank statements, tax returns, investment accounts), pull credit to see how the credit bureaus rate your credit worthiness, look at the assets you currently own, and the list goes on. It's not a difficult process and it lets you know what you truly qualify for. If you're purchasing a home the current owner will like the fact you have been pre-approved rather than just pre-qualified as it shows the seller that your financials and credit worthiness has been verified and that you have a strong certainly of securing the financing necessary.

Am I required to get a home inspection?

You are not required to get a home inspection, but without a doubt it's a good idea. Inspectors are trained to find issues your realtor, the seller and yourself are just not knowledgeable about. A home inspection costs a few hundred dollars to complete and may keep you from having to pay thousands in surprise home repairs. Plus if the inspector finds something, you can negotiate with the seller to have them fix the repairs prior to the sale or discount the purchase price to account for the repairs you may have to make. OpenGate Lending always recommends you get a home inspection.

How long will purchasing a home take?

Once you have found a home, completed the inspection and agree to the terms with the seller, the escrow process begins and contracts are drawn. Escrow can take 30 - 60 days and you never want the escrow process delayed, which is why it's important to get pre- approved so your loan can fund quickly once documents are signed.

*Disclosures (+):

Average consumer, second quarter 2013, saved $601 a month on their mortgage by refinancing with OpenGate Lending ($7,218 annually).
30-Year Fixed-Rate Mortgage & 20-Year Fixed Rate Mortgage: Loan amount $300,000 30-year Fixed-Rate Loan at 3.75% and 70% loan-to-value (LTV) with up to 3 points due at closing. The Annual Percentage Rate (APR) is 4.031%*. Payment does not include taxes and insurance premiums. Processing & underwriting fees up to $1,645.00. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
15-Year Fixed-Rate Mortgage & 10-Year Fixed Rate Mortgage: Loan amount $300,000 15-year Fixed-Rate Loan at 2.75% and 70% loan-to-value (LTV) with up to 3 points due at closing. The Annual Percentage Rate (APR) is 3.191%*. Payment does not include taxes and insurance premiums. Processing & underwriting fees up to $1,645.00. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
Please keep in mind mortgage rates can change daily.
Actual payments shown vary based on individuals financial situation, credit score, current rate, etc., to name a few.
Some mortgage products provided by OpenGate Lending may not be available in all states.
Some jumbo mortgage products may not be available to all buyers including first time home buyers.
OpenGate Lending services not available in all states/areas.
Some restrictions may apply.
Rates assume the purchase or refinance of a primary residence only with no cash out at closing of the loan.
Rates assume loan to value rate (LTV) is 70%, If LTV is greater than 80%, PMI (private mortgage insurance) will be added to your monthly mortgage payment, unless with the exception of a Military/VA loan product. Military/VA loans do not require PMI.
Rates assume a credit rating/score of 740 and above, that closing costs are paid out of pocket (unless noted otherwise), this loan would be for your primary residence, a single family residence, DTI (debt-to-income) ratio less than 30% and that an escrow account is used for payment of taxes and insurance. Jumbo loan products assume a credit rating/score over 740.
OpenGate Lending does not have all your information necessary such as payment history, credit rating/score, home appraisal, etc. to give you the most accurate mortgage payment; so rates and payment results may vary from the actual calculation shown.
Once your personal information has been collected, credit report processed, documentation received as necessary and required by lender for the specific loan, and a rate can be quoted - it may be locked for a period of 45 days.
TV and Radio Disclaimer: To be eligible for this promotion a bonafide Good Faith Estimate (GFE) and Rate Lock confirmation dated the same day must be received within 24 hours after OpenGate Lendings’ tentative approval of initial application. Testimonials advertised & recorded are from paid actors, the testimonials where taken from the written testimonials our customers posted on trustlink.org based on the service they received from OpenGate Lending. The quoted offer will be defined as the total estimated settlement costs on the Good Faith Estimate. Subordinating and existing lien may result in fees charged the applicant, and will not be refunded by the lender. Home Owners Association certification fees may be charged when the subject property is a Condominium or PUD, and will not be refunded by the lender. Vesting changes may result in additional fees, and will not be refunded by the lender. Fees charged by applicant’s current lien holder will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Non-locked rate is subject to change. Rates advertised do not include amounts for taxes and insurance premiums, which will result in a higher actual monthly payment. Consolidating or refinancing debts may increase the time and/or the finance charges /total loan amount needed to repay your debt. Rate listed assumes a loan amount between $300,000 and $417,000, conforming loans only, establishing an impound/escrow account, owner occupied, single family residence, minimum 740 FICO credit score for all borrowers, no mortgage lates and 70% loan-to-value or less, debt-to-income ratios of 30% or lower, assets and reserve requirements are met. Taxes & insurance charges are not included. Loan fees are typically financed through the loan. Your APR may be higher if Mortgage Insurance is required or if an affiliated service provider is used. Applicant must meet credit and income requirements. Rates subject to change without notice. Limited Time Offer. If the application is approved for the "No Closing Cost" loan program, the appraisal fee will be refunded within 14 days after the loan funds are disbursed. If the appraisal fee increases due to a lender required re-inspection, the application is responsible for paying the additional cost. No portion of the appraisal fee or re-inspection fee will be refunded if the service has been rendered and the loan is cancelled or declined. A survey fee may be charged to the applicant if required by the lender, and will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Limited time offer. See website or call for terms and restrictions. Not all applicants will be approved. Loans made pursuant to the Department of Corporations California Finance Lenders Law license #603J903, Oregon Division of Finance and Corporate Securities ML-5174, Colorado Mortgage Company Registration. NMLS Unique Identifier # 954578, Equal Housing Lender. OpenGate Loans Inc., dba OpenGate Lending, 18008 Sky Park Circle, Suite 200, Irvine, California, 92614. OpenGate Lending is not licensed in all 50 states. Products and services offered are not available to residents of states in which OpenGate Lending is not licensed. For a complete list of state licenses, please go to www.opengatelending.com or www.nmlsconsumeraccess.org.

NO CLOSING COST LOAN STANDARD AJUSTMENTS - APPLIES TO 10, 15, & 30 Year Fixed

Loan Feature	Criteria	Add to Rate
Non-Escrowed Loans	No change for non-escrowed loans	0
Loan Amount	$250,000-$299,999	0.125
Loan Amount	$200,000-$249,999	0.25
Loan Amount	$150,000-$199,999	0.375
Loan Amount	$100,000-$149,999	0.5
Loan Amount	$99,999 or less NOT OFFERED	NOT OFFERED
2 -4 Unit Properties		0.375
Condo	LTV > 75% Term > 15 Years	0.25
High LTV	(95.01 - 97%)	0.25
Properties on Schedule of R.E. >1		0.125
(owning multiple properties)
Self Employed Borrower(s)		0.125
Subordinate Financing	LTV <= 75.00%	0.125
Subordinate Financing	LTV >= 75.01%	0.25
Investment Property	LTV <= 75.00%	0.75
Investment Property	LTV >= 75.01%	1
Fico < 740	Term <= 15 Years	0.125
LTV > 70%	Term <= 15 Years	0.125

This is OpenGate Loans "No Closing Cost" Loan. It is available to refinance transactions only.
OpenGate Loans will pay all of the Borrower's closing costs except: Prepaid interest, property taxes, state mortgage taxes, lender payoff fees and any type of insurance. Rate advertised assumes loan amount between $300,00 and $417,000.
No Closing Cost Loans not available for loan amount below $100,000.
Advertised Rate and APR does not apply to borrowers who have refinanced within the last 6 months.

Do It Right Refinance loan "Cash Refund for overpaid interest" is delivered by mail, paid via check and will be sent to borrower within 30 days from the borrower's loan closing date.
"Cash Refund for overpaid interest" is limited to a flat fee of $250 for loan amounts $100,000 - $250,000.
"Cash Refund for overpaid interest" is limited to a flat fee of $500 for loan amounts $250,001 - $499,999.
"Cash Refund for overpaid interest" is limited to a flat fee of $800 for loan amounts $500,000 and above.
Do It Right Refinance loan not available for loan amounts under $100,000.
Do It Right Refinance loan only available for conventional loans; does not apply to FHA or VA loan products. Must mention to loan officer the Promo Code &/or Advertisement when calling in for the first time, in order to be eligible for "Cash Refund for overpaid interest." To be eligible for this promotion a bonafide Good Faith Estimate (GFE) and Rate Lock confirmation dated the same day must be received within 24 hours after OpenGate Lendings’ tentative approval of initial application. Conforming loans only, establishing an impound/escrow account, owner occupied, single family residence, minimum 760 FICO credit score for all borrowers, no mortgage lates and 60% loan-to-value or less, debt-to-income ratios of 30% or lower, assets and reserve requirements are met. Taxes & insurance charges are not included. Loan fees are typically financed through the loan. Your APR may be higher if Mortgage Insurance is required or if an affiliated service provider is used. Applicant must meet credit and income requirements. Rates subject to change without notice. Limited Time Offer. No portion of the appraisal fee or re-inspection fee will be refunded if the service has been rendered and the loan is cancelled or declined. A survey fee may be charged to the applicant if required by the lender, and will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Limited time offer. See website or call for terms and restrictions. Not all applicants will be approved.